Theater and School for Improv and Sketch Comedy. Pretty much run by Armando Diaz protege of Del Close.
Super supportive non judgemental community.
To be honest when it started it was pretty rusty ... kind of a rag tag group of UCB cast offs. For a while alot of people stayed away because it was thought that if you couldn't cut it at UCB you went there ... to the land of misfit improvisers.
Now the place is booming with talent. People who gotsick of the attitudes of other improv theaters attitudes but love to perform and take classes have started trickling in. You can catch some really terrific shows here. The classes are among the best in the city. Clique's are really at a minimum and trash talk is not accepted well.
It's still small but growing rapidly. Kind of a "everybody knows your name" place - the "Cheers" of the NY Improv Scene.

"I'm taking classes over at the Magnet!"

The Magnet Theater is a great place to study improv, catch a show and a great place to perform.